Adani’s response to Hindenburg not lifting sentiments on D-Street, Group stocks fall up to 20% again 

Adani Total Gas, Adani Transmission and Adani Green fell 20% each on Monday while Adani Wilmer and Adani Power dipped by 5%. 

Published: 30th January 2023 11:48 AM  |   Last Updated: 30th January 2023 12:42 PM   |  A+A-

Adani Group chairman Gautam Adani (File | AFP)

Adani Group chairman Gautam Adani (File | AFP)

Express News Service

NEW DELHI: Adani Group’s 413-page response to Hindenburg Research has failed to lift investors’ sentiment on D-Street as most of its stocks nose-dived again on Monday, wiping out billions of dollars from the market. 

Adani Total Gas, Adani Transmission and Adani Green fell 20% each on Monday while Adani Wilmer and Adani Power dipped by 5%. 

Adani Total Gas and Adani Green are trading at their lowest level in 6 months while shares of Adani Transmission at Rs 1,611 have hit a fresh 52-week low. Adani Wilmar and Adani Power stocks have also hit a new 6-month low. 

The Group’s flagship Adani Enterprises (AEL) and Adani Ports (APSEZ) gave up its early gains by 11 am after hitting upper circuit of 10%. While AEL was trading with a minor gain of 3%, APSEZ was trading in red.

ALSO READ | Adani stocks witness mixed trends in early trade; Adani Enterprises jumps

Asia’s richest billionaire Gautam Adani's group on Sunday called the allegations levied by short seller Hindenburg Research a "calculated attack" on India, its institutions and growth story, saying the allegations are "nothing but a lie". Adani Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.

“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” it said.

Reacting of Adani Group’s detailed reply, Hindenburg replied in a note titled- “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised.”

Hindenburg said that they believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.

“Our report asked 88 specific questions of the Adani Group. In its response, Adani failed to specifically answer 62 of them. Instead, it mainly grouped questions together in categories and provided generalized deflections,” the activist research firm added.

Adani Group stocks are under pressure since Wednesday when the Hindenburg report became public. Share prices of Adani Group’s listed companies fell up to 23% on Friday (intraday) and in two-sessions (Wednesday and Friday), the Group’s market capitalisation got eroded by a whopping Rs 4.2 lakh crores. 

Hindenburg has accused the port to power conglomerate of pulling the “largest con in corporate history” by engaging in “brazen stock manipulation and accounting fraud” over the course of two decades. The Adanis have called the report “maliciously mischievous and unresearched” and said it was evaluating legal action. 


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp